Topic: Bitcoin Bank - Safely store your bitcoin - page 5. (Read 1081 times)
BTC was created to get rid of banks and offer some degree of anonymity. Your idea sounds like the government. No, thank you. We have enough banks already, no need to create any more.
OP, I read all three of your ideas that you periodically post on the forum, and they are all very empty and stupid. It's good to strive for your own business, but it shouldn't be created out of thin air. Why should people pay a certain amount for something that Bitcoin does for free? On the contrary, if you entrust the storage of assets to a bank, then there is a possibility that this will create insecurity.
Minimum deposit: non custodial wallet only need 546 satoshis, while duarten86's Bitcoin bank ask for 100 GBP.
Fees: non custodial wallet doesn't charge any extra fees, it's relatively cheap depends on the network, the fees won't follow the amount. While duarten86's Bitcoin bank is asking for 2% flat.
User experience: easy just create a wallet then backup, while duarten86's Bitcoin bank ask for unnecessary information and many steps.
tl;dr Non custodial wallet beat duarten86's Bitcoin bank in everything.
Fees: non custodial wallet doesn't charge any extra fees, it's relatively cheap depends on the network, the fees won't follow the amount. While duarten86's Bitcoin bank is asking for 2% flat.
User experience: easy just create a wallet then backup, while duarten86's Bitcoin bank ask for unnecessary information and many steps.
tl;dr Non custodial wallet beat duarten86's Bitcoin bank in everything.
My idea would be to create a bank ...
I must say, this bank concept seems rather unsettling. Storing all that cryptocurrency in a centralized location presents immense vulnerability. Cybercriminals would surely capitalize on such an opportunity. There exist far more secure alternatives for safeguarding your coins. This is exactly why Bitcoin was invented, so that we don't have to entrust our money to third parties. Plus, those fees you mentioned? Yikes!
All in all, it's a stupid idea! Sounds more like a poor scam attempt.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
The people who cannot safeguard their coins are invested in Bitcoin ETF's .... and the other people can buy hardware wallets for $100+ to do the same thing or browse to the sites that offer you offline scripts to create your own Paper wallets and print them for free.
Your solution is too expensive and too complex ... and most people do not want to go through all that trouble to zoom once a month and to "dox" themselves to be able to safeguard their coins.
You should know that it is not possible to store in the bank, so if you still want to store Bitcoin through the bank, do not spread confusion with such news on the forum. Your such news may confuse many people. We who work in bitcoin of course each have their own wallet to store bitcoins different people use different wallets but in my opinion Electrim wallet is very safe you can use it if you want. But no matter which wallet you use, you must maintain the privacy of that wallet because you can't share it with anyone, so many of you may suffer from a lack of security.
Do you still remember the sole purpose of bitcoin because if you do I don't think you can asked someone to come store his or her bitcoin in bank and going through those rigorous process for them to have access to their bitcoin and you think people would buy this idea. Between you can't entrust your bitcoin wallet to anyone which includes the private keys and seed phrase to government and you must asked if that country full allowed the transaction of bitcoin (if bitcoin legal in that country)
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
The reason we choose bitcoin is because we do not completely trust banks, bitcoin is decentralized, bitcoin gives us full control over our assets without asking permission or depending on anyone. We don't even trust banks or governments, why should we trust you and your services? So the idea of creating a centralized system to manage people's bitcoins was always a bad idea and goes against the decentralized nature of bitcoin.
By the way, if I can't manage my bitcoins, I'd rather store them on reputable exchanges than have to use your service. Too expensive, LOL.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
That is not a nice idea to me. If anyone can not HODL Bitcoin on there own, there is no point to involve a third party in HODL journey. HODLing is a private task and should be done alone that's why they said "not your key not your coin" when your private key is not private then it is not safe. Or when people invest There Bitcoin in your wallet is not safe because the heart of men can be deceitful. They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
So basically the people will give their Bitcoins to you and they will have to trust you for keeping their BTC safe?
What's the guarantee that you won't scam them and run away with the Bitcoins?
Do you really understand the principle "not your keys, not your coins"? Do you really understand why most Bitcoiners are keeping their coins in a cold wallet, instead of trusting a centralized entity? Good luck with your "business model"? Who the hell is going to trust a newly established "Bitcoin keeping" centralized service, that requires KYC and the users have to pay for using that service?
A withdrawal taking 3 months? Why so long? Why not make it one year or five years.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
Wow your charge seems high to me for someone who wants to start up a new business, your idea seems to already exist in the form of centralized exchanges although the function seems to be different, bitcoin Was not really designed to be help in banks and I don't see why you need to building such for a digital asset that is stored in a wallet a location on the blockchain, most of your customers would be those that still use centralized exchanges and are ill educated about how to store their bitcoin themselves.
A better idea would Have been to create a wallet vault that when you store bitcoin in, you won't be able to withdraw until the time that is set even with your seed phrase. Makes more sence to me.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
I think you are being sarcastic with everything you just said because everything you mentioned is what Bitcoin is against, in fact, even centralized traditional financial institutions don't have that many rules and regulations for their customers.
The idea behind Bitcoin was to create a decentralized system allowing people to send and receive money without involving a third party in the transaction, unlike mainstream financial systems. It later became more of an investment asset because of its success and growing value. Regardless, someone owning or willing to own Bitcoin wouldn't need a bank to store it for them since there are non-custodial wallets available for that purpose without any rules or regulations or limitations.
Bro you speak as tho centralized exchanges doesn't exit which I also against what bitcoin should be all about, bitcoin gas fees are too high to use for normal p2p and most exchanges offer some discount or help reduce fees spent, and I don't even think bitcoin would have reached this level of adoption without the centralized bodies, I bought my first bought my first bitcoin through Binance, infact where I come from when you mention bitcoin what goes straight to people's mind is Binance, so we already have third parties involved in bitcoin for a long time now.
Why self custody is the best Is cause, centralized exchanges remains a target for scammers and lots of thigns could happen if you fall into a scam exchange that just came to steal, so for you not to be a victim self custody Is a better option and moreover it offers you total control over your asset without government supervision, but again centralization has well entered bitcoin cause some countries charge their customers tax over profit gained and that doesn't make sense.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
Your idea might only interest people who have zero knowledge about safe safekeeping of financial assets. Many wallets can keep one's funds very safe. Your KYC issue and service charge will also be a barrier to the acceptance of your service. Exposing my passport and having a zoom meeting before my fund id released is the highest height of invasion of privacy. They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
Op I don't need to read everything in your thread. Your caption and the content of your thread is wrong. Op I must tell you, you brought a very wrong idea to the forum and that will not even included in the plan of bitcoin even in the future. Well what you saying is not far from centralized exchanges so you can save your coins in the central exchange platform but remember once you do that the coins will never be your custody again but the owners of the exchange will be in control of your coins. But if you are referring to bitcoin to be saved in bank then lock this thread because that will never happen in any day.
I think OP want to offer a custodian service and such firms exist in the crypto industry. They offer services to clients which include secure storage and managing of digital assets. Just as you pointed out, they are third parties that cannot be fully trusted. 
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
I think you are being sarcastic with everything you just said because everything you mentioned is what Bitcoin is against, in fact, even centralized traditional financial institutions don't have that many rules and regulations for their customers.
The idea behind Bitcoin was to create a decentralized system allowing people to send and receive money without involving a third party in the transaction, unlike mainstream financial systems. It later became more of an investment asset because of its success and growing value. Regardless, someone owning or willing to own Bitcoin wouldn't need a bank to store it for them since there are non-custodial wallets available for that purpose without any rules or regulations or limitations.
Anything that involves other people managing my own bitcoins and at the same time will be holding on to it for a long time is definitely not a good idea in my book, many have seen this before with Mt. Gox although it's not a bank per se but would you really risk it? The best thing in my opinion is if you store your own bitcoins and maintain the storage yourself, that's the only in this whole thing, there's no need for a third-part and it's really weird for people to suggest to make a bank for bitcoin, bitcoin was to fight the banks not become one of them!!!
2% fee is ridiculous, I can only see this idea getting traction if there's just a fixed yearly maintenance fee with multiple tiers. Being your own bank is not for everyone so there's definitely a need to have reliable Bitcoin custodians in the ecosystem, and I would rather see people use dedicated custodians than crypto exchanges for storage, but 2% fee is way too much for this service.
I have a lot of questions; Why would I want someone to “safely” store my bitcoin? Was it unsafely stored in my own wallet? Not just that, I’d register with my ID (which Bitcoin doesn’t need) and yet pay 100 pounds? Why would it take 3 months to withdraw my money? Even the centralized systems that Satoshi was tackling didn’t take such time. I would have even more security concerns if I put my money with a third party because anything can go wrong from their end.
hero member
Activity: 532
Merit: 508
Go after the goal... Go!!! It is worth getting!
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
These!? Wow! These ideas are very wrong, @OP. I am not surprised at all, because it's an idea from a real newbie. It shows how unaware you are of so many security and privacy factors of the Bitcoin technology. @OP, Have you read the Bitcoin white paper? Have you asked yourself why Bitcoin holds such great value? Have you asked yourself why the developer of Bitcoin decided to be anonymous?
First, Bitcoin was developed to give individuals financial privacy regarding the management of their money and finances. In the past, people usually saved, stored, and managed their finances with the help of banks and other traditional financial systems, and by doing these, you exposed your identity to third parties, which in some cases led to insecurity and threatened the lives of some millionaires and billionaires. But after Bitcoin got developed, it created room for financial privacy. Users of Bitcoin can now peacefully store their Bitcoin in their own custodial wallet without the help of any third party or without revealing their identity.
@OP, If we are going by your idea, it means we are still taking ourselves back to the old way of putting our money in the hands of a third party, with our identity being revealed to them. If the government decides to raid your bank, they can get all the information and identities of all the Bitcoiners, and that is really against the Bitcoin rule.
Bitcoin is a private asset that you can have without letting anyone know about it, unless you just want to disclose the information to your family.
Op, your idea is off, but stick around and you will learn a lot.
This must be a joke post.
My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
Assuming that this works... You will just end up with another variant of a crypto exchange. There's no innovation here. You obviously haven't done a needs assessment. People who don't want the take on the risk of holding their Bitcoin are doing so through Bitcoin EFTs. Although it doesn't offer them a what it should compared to holding the real thing, at least they are sure that their savings is safe. They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.
Sorry, but I think your business will never work, people who understand bitcoin do self-custody and those who don't understand buy ETFs, so for you to have a share of this market it will be very, very difficult.
Maybe it would be easier for you to create solutions for people who want to use bitcoins, some type of payment method for companies or things like that.
Maybe it would be easier for you to create solutions for people who want to use bitcoins, some type of payment method for companies or things like that.
Jump to: